Asian messaging giant LINE raises $140 million to expand NFT venture
LINE NEXT, the South Korea-based NFT arm of messaging large LINE, raised $140 million in funding to “popularize the Web3 ecosystem.”
In a assertion launched in the present day, LINE claimed the funding was “the biggest funding spherical within the Asian blockchain Web3 business for this 12 months.” It was led by Crescendo Fairness Companions, a Peter Thiel-backed personal fairness agency.
With the brand new capital, LINE plans to formally launch its international NFT platform DOSI in January 2024. “Integrating with Japan’s NFT market LINE NFT, DOSI can be supplied as a cellular app to customers all over the world,” the corporate stated.
Giving manufacturers possession
LINE NEXT additionally plans to assist manufacturers to “give possession” of current digital merchandise and permit them to be traded. The social media large intends to introduce web3 video games that includes its current characters often called BROWN & FRIENDS.
“We hope to construct a typical for Web3 apps that common customers can simply use and undertake blockchain to all types of companies and types of Web2,” Kevin Lee, the managing accomplice of Crescendo, stated within the assertion.
Youngsu Ko, CEO of LINE NEXT, stated the group plans to “additional popularize Web3 and develop a brand new service ecosystem the place customers personal the worth of their digital items.”
The social media large has been lively in venturing into the web3 area. In December 2021, it established LINE NEXT and in September 2022 launched the beta service for its international NFT platform DOSI.
